Not to bring up the whole UFO lore thing again, but I recently came across this story again and was captivated. I'm pretty skeptical of most things but there's a lot of stuff that just doesn't add up to an easy explanation in this guy's case. Any Aussies want to comment?
Unsolved Mysteries segment on it:
The long and short of it - a guy rents a plane in 1978 for a short cross-country flight, reports an unusual aircraft to ATC along the way, and after 10 minutes or so disappears from radar, while over water. He is apparently somewhat frantic according to the controller involved and the transcript reflects his increasing distress. He describes an aircraft with a green light pacing his C-172 and eyewitnesses apparently also came forward describing a green light in the area near Valentich's aircraft, some three years before the official report was released containing the ATC transcripts.
What the hell happened to this guy? Occam's razor tells me he must have faked his own death, as witness accounts don't seem to account for a loss of control / disorientation incident. Interesting.